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Malaysia's floating LNG vessel stops LNG production ahead of relocation

Singapore — Malaysia's floating LNG export vessel PFLNG Satu has stopped producing LNG in preparation for a relocation exercise, national oil company Petronas confirmed in a statement late Friday.

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"However, as of today, it still remains at the Kanowit gas field, offshore Bintulu, Sarawak. An announcement on this will be made in due course," Petronas added.

The production halt will have negligible impact on the spot market as the plant's LNG output has been well below its full capacity, with few cargoes being offered on the market since it started operations, according to a Singapore-based LNG trader.

PFLNG Satu has a capacity of 1.2 million mt/year of LNG. It was billed as the world's first floating LNG production facility at the time of its launch, and exported its first LNG cargo April 1, 2017.

Petronas has been working to move the vessel to a new gas field in an attempt to boost LNG production volumes, the trader said.

Petronas has a second floating LNG facility under construction -- PFLNG Dua -- which will be mechanically completed by the end of this year and is expected to starts in the first quarter of next year, CEO Tan Sri Wan Zulkiflee Wan Ariffin said Friday.

Petronas' total production volume for 2018 rose to 2.36 million boe/d from 2.32 million boe/d in 2017, mainly due to higher production from Iraq and Turkmenistan.

Malaysia's average sales gas volume rose marginally to 2.78 billion scf/d over the period due to higher demand.

However, its total LNG sales volume fell by 1.78 million mt to 28.94 million mt in 2018 due to pipeline outages at the Bintulu plant.

-- Eric Yep, eric.yep@spglobal.com

-- Edited by Shashwat Pradhan, newsdesk@spglobal.com

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